Many people dream of a financially secure retirement, but for some, regular investments in retirement plans can be difficult due to financial constraints. While mutual funds and market-linked plans have gained popularity, they carry risks as they fluctuate with the market. However, if you’re looking for a stable, guaranteed income after retirement, LIC’s New Jeevan Shanti plan offers a fantastic option. With this policy, you can invest just once and enjoy a lifelong pension, ensuring that your retirement is free from financial worries.
Guaranteed Pension for Life with a Single Investment
LIC (Life Insurance Corporation of India) has been known for offering reliable financial solutions for decades. Their New Jeevan Shanti plan is specifically designed for individuals looking for a stable income after retirement. It’s a single premium annuity plan, meaning that you invest once, and in return, you receive a guaranteed pension for the rest of your life.
With this plan, you won’t need to contribute monthly or half-yearly like in other schemes. Instead, you make a one-time investment, and your pension begins at a future date, ensuring regular income when you retire. Under this scheme, you can receive an annual pension of ₹1 lakh or more, depending on your investment.
Who Can Opt for LIC New Jeevan Shanti Plan?
The New Jeevan Shanti policy is available to individuals between 30 and 79 years of age. The plan offers two options:
- Deferred Annuity for Single Life: This option provides a pension to the individual policyholder for life.
- Deferred Annuity for Joint Life: In this option, the pension is given jointly, ensuring that both you and your spouse are covered.
These options give flexibility depending on whether you want a pension for yourself alone or for both you and your partner.
How to Get a ₹1 Lakh Pension
To illustrate how this policy works, let’s assume you’re 55 years old and you invest ₹11 lakhs in the LIC New Jeevan Shanti Plan. After a deferral period of 5 years, you’ll start receiving an annual pension of ₹1,02,850 once you turn 60. If you prefer, you can receive the pension half-yearly or monthly, making the plan adaptable to your financial needs.
For instance:
- Annual Pension: ₹1,02,850
- Half-Yearly Pension: ₹50,365
- Monthly Pension: ₹8,217
By adjusting the payout frequency, you can ensure a steady flow of income to support your retirement lifestyle.
Additional Benefits Beyond Pension
Aside from the guaranteed pension, the LIC New Jeevan Shanti plan offers other benefits that make it even more attractive.
- Death Cover: In case of the policyholder’s death, the nominee receives a death benefit. For an investment of ₹11 lakhs, the nominee would receive ₹12.10 lakh, which is slightly higher than the initial investment.
- Surrender Option: If you ever need to withdraw from the plan, you can surrender it at any time. This flexibility allows you to liquidate your investment in case of an emergency or changing financial needs.
- Minimum and Maximum Investment Limits: While the minimum investment starts at ₹1.5 lakh, there is no maximum limit, making it suitable for a wide range of investors.
Why Choose LIC New Jeevan Shanti Plan?
If you’re looking for a stable, risk-free retirement plan, the LIC New Jeevan Shanti Plan stands out for several reasons:
- One-Time Investment: You don’t have to worry about continuous contributions or market volatility. Just invest once and receive a guaranteed pension for life.
- Guaranteed Returns: Unlike market-linked plans, this policy offers assured returns, which makes it a safe and reliable investment for retirement.
- Flexible Options: Whether you’re single or want to ensure a joint pension with your spouse, the plan provides flexibility with both single-life and joint-life options.
- Security for Family: In addition to the pension, the death benefit ensures that your family is taken care of in case of any unfortunate event.
- Customizable Payouts: Depending on your financial needs, you can choose to receive your pension annually, half-yearly, or even monthly.
The Perfect Retirement Solution
Planning for retirement is a crucial aspect of financial planning, and LIC’s New Jeevan Shanti Plan offers a simple and secure way to achieve peace of mind. With a single investment, you’re assured of a lifetime of regular income, allowing you to enjoy your golden years without worrying about finances.
